Founder of Blackwater to Sell Security Company

The founder of private security company Xe Services, previously known as Blackwater Worldwide, plans to sell the company to a group of investors based in Los Angeles. Xe Services has come under intense pressure in recent years, with rumors that the U.S. government would no longer award it contracts so long as founder Erik D Prince, remained the owner, The New York Times reported.

Blackwater Created Shell Companies to Get Federal Contracts

The security company Blackwater Worldwide formed a network of 30 shell companies and subsidiaries to try to get millions of dollars in government business after the company faced strong criticism for reckless conduct in Iraq, The New York Times reported Friday.